LafargeHolcim sells Malaysia, Singapore assets

NathanAllen

LafargeHolcim Ltd. (LHN.EB) said Thursday that it has agreed to sell its Malaysian and Singapore operations as part of an extensive savings drive begun last year.

The Switzerland-listed cement maker will sell its 51% stake in Lafarge Malaysia Berhad for $396 million in cash, equivalent to a 43% premium over the average trading price of the last 90 days.

LafargeHolcim also agreed to sell its 91% stake in Holcim Singapore to YTL Cement Singapore PTE Ltd., but didn't disclose the deal value.

The company said the transactions will help it reach its target of bringing down its ratio of net debt to earnings before interest, taxes, depreciation and amortization below two by the end of the year.

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